Insurance and townhouses

If you’ve strolled down an inner-city suburb recently, chances are you’ve walked past a townhouse or two. Townhouses can be single story or multi story, freestanding or attached; it’s also common for multiple townhouses to share a single lot, all with a similar facade and layout.

The key thing to know is that many attached townhouses are strata-titled, with common property and shared walls. These are the residences that usually require a little more thought about what insurance might be required or considered.

Think of strata insurance as insurance for you and your neighbours that covers the collective interests of you and the other owners in the strata scheme and is also a legal requirement.

Home insurance, like buildings insurance and contents insurance, are policies that cover your personal assets. Buying home insurance policies such as these is a choice, rather than a requirement. 

Contents insurance is another key consideration for townhouse owners and renters. Contents insurance typically helps cover the personal belongings you keep inside your home (including furniture, appliances, carpets, electronics and more) in the event they’re lost, damaged or destroyed because of an insured event, like a fire, flood or storm.